You are here
Home > BUSINESS > Royal Exchange makes N12.8b premium

Royal Exchange makes N12.8b premium

Royal Exchange makes N12.8b premium

Please follow and like us:

  • 0
  • Share

Royal Exchange Plc posted a Gross Premium of N12.8 billion  as at last December. This represents an increase in revenue when compared to the previous year’s figure, which stood at N12.5 billion.

The firm’s Group Managing Director, Alhaji Auwalu Muktari, made this known following the release of the company’s financial results on the floor of the Nigerian Stock Exchange (NSE).

He said net premium income for the period was N7.1 billion, while underwriting profit hit N7.6 billion.

He said: “Operating results showed that the total assets of the group witnessed a marginal growth of five per cent, from N31.7 billion in 2016 to N33.3 billion as at December 31, 2017.

“Net claims paid for the period under review amounted to N3.4 billion, a reduction of four percent from 2016, which stood at N3.6 billon. Net Income before management expenses totaled N2.4 billion, showing a slight dip from the N2.7 billion that was generated in 2016.”

Muktari added that despite the harsh  environment, the group grew its figures by participating in large-ticket financial transactions as well as playing in the retail insurance market, which shall be a key growth driver in the years ahead.

“Royal Exchange envisions a situation where the retail insurance market should contribute between 50 and 60 per cent of our revenue in the future, as the retail market is the future of insurance in Nigeria, considering the population of the country,” Muktari said.

 

 

 

The post Royal Exchange makes N12.8b premium appeared first on The Nation Nigeria.

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply

Top